In hot markets like yours, you should (hopefully) see good appreciation of both property value and rent, and be able to cash out a decent amount via refi in a few years to reinvest.

I'm guessing if it's a hot market it lags behind the market rates. 

I've been running some analysis and on most of the deals available (it's still a hot market down here regardless of C 19) and the rental values are usually $200-$400 lower than the mortgage cost with FHA 3.5%- conventional 5% loans.

From what I hear, Hudson County market is hot due to people wanting to get out of NYC.

And man, by about 3pm my phone line was hot and so were the people calling!

Now, you are in CA which is an incredibly expensive market so I can understand your need for capital and there is probably a lot more significant payday when you close a deal.

Floors 10 years life span(carpet only 5), appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span, etc. 

A cash offer will always be more attractive to a seller than a financed offer, so in a hot market, having cash is definitely an advantage.Beyond that, if you have the cash, I like using cash to BRRRR since you won't have the financing costs of two loans. 

I work in the energy industry for my day job and there is speculation on where the next "hot spot" will be for that industry.  

Hi Michelle, situation sounds incredibly frustrating and sorry to hear how things developed.